Anchorage Digital, home to the federally chartered crypto bank, announced a partnership with Ethena Labs, the creator of USDe and USDtb, to bring USDtb to the U.S. as the stablecoin with a pathway to becoming compliant with the GENIUS Act—America’s law to regulate issuance of stablecoins.
The launch will leverage Anchorage Digital’s stablecoin issuance platform—a solution “for institutions to launch and distribute regulated digital dollars.”
Anchorage Digital’s decision to partner with Ethena, a project focused on developing compliance-driven rails and products “that provide institutional investors with access to the advantages of digital assets, marks a step forward in aligning with regulation in the U.S. financial system.”
Under the partnership, the USDtb stablecoin—which is issued offshore—will be issued in the U.S. by Anchorage Digital Bank, “positioning the firm as the U.S. stablecoin issuer for institutions seeking digital dollars aligned with regulatory standards set by the GENIUS Act.”
Issuing this stablecoin under the U.S.-compliant framework “enables smoother integration with the U.S. financial system and provides institutions with more accessible, regulated pathways to hold USDtb.”
Nathan McCauley, CEO and Co-Founder of Anchorage Digital:
“The passage of the GENIUS Act provides the regulatory clarity that enables federally regulated institutions like Anchorage Digital Bank to fully participate in the stablecoin ecosystem. … As stablecoins become a foundational layer of modern finance, it’s essential they’re built on infrastructure that’s secure, compliant, and built to last.”
Stablecoins are becoming “the lifeblood of the future of finance—both in America and globally—powering everything from real-time settlement and cross-border payments to fintech infrastructure and decentralized markets.”
By enabling safe, scalable, and regulated issuance, Anchorage Digital is helping ensure that this “foundational layer of finance is built on resilience, and U.S. leadership.”
Ethena Labs is the “creator of USDe and USDtb and a contributor to the Ethena protocol.”
Ethena is the protocol “behind USDe, the third-largest and fastest growing USD-denominated crypto asset in history with over $6 billion in TVL today across one of the largest sets of DeFi users, alongside integrations with some of the centralized exchanges and DeFi applications.”
Ethena Labs is backed “by Fidelity, Franklin Templeton, Dragonfly, Binance Labs, Bybit and OKX among others.”
As covered, Anchorage Digital is a crypto platform that “enables institutions to participate in digital assets through trading, staking, custody, governance, settlement, stablecoin issuance, and the industry’s leading security infrastructure.”
Home to Anchorage Digital Bank N.A., the federally chartered crypto bank in the U.S., Anchorage Digital “serves institutions through Anchorage Digital Singapore, which is licensed by the Monetary Authority of Singapore; Anchorage Digital NY, which holds a BitLicense from the New York Department of Financial Services; and self-custody wallet Porto by Anchorage Digital.”
Recently, through the enactment of GENIUS, Anchorage Digital Bank became the “U.S., federally regulated and GENIUS-compliant stablecoin issuer bank.”
The company is funded by institutions “including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion.”
Founded in 2017 in San Francisco, California, Anchorage Digital has “offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota.”